The main index dropped 73.20 points or 1.13 percent to close at 6,434.06 as the Services sector led the retreat with only the Industrial counter managing to hold its ground. Volume jumped to 1.16 billion shares worth P11.45 billion as losers beat gainers 118 to 72 with 41 unchanged.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse slipped as the lower net inflow of foreign direct investments to the Philippines weighed on sentiment.”
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The Philippines’ potential as a key player in the global semiconductor industryListen to this episode from BusinessWorld B-Side on Spotify. The Philippine government needs to invest more in the local semiconductor industry to boost its competitiveness globally, according to RS Group PLC, an electronics and industrial products distributor. In this B-Side episode, Sean Fredericks, the President of RS Asia-Pacific, discusses with reporter Sheldeen Joy Talavera the potential of the Philippines to become a key player in the industry. 'The Philippines itself is a critical player in the global semiconductor industry... The country's strategic location provides crucial access to the Southeast Asian market through international shipping and air routes,” he said. He also said that the country's English-proficient population and strict adherence to intellectual property protection and international labor laws make it an attractive investment destination. The B-Side episode was recorded remotely on May 23, 2023.
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